Fund managers and advisers face FCA fee hike

Fund managers will pay £41.8m to fund new regulator the FCA (Financial Conduct Authority)in 2013/14, up 15.7% on the £36.1m they paid towards predecessor the FSA last year.

Adviser costs for the FCA will also rise by 13% to £41.9m compared to the previous year. The annual funding requirement (AFR) for the Financial Conduct Authority (FCA) has been set at £432.1m for 2013/14. The total will be £646.3m for the combined FCA/PRA, representing a 15% increase on last year. Commenting on the increase, Chris Hannant, policy director at APFA, said: " Costs for the new regulator continue to escalate, as they did with the FSA in recent years, at a time that other public bodies are being asked to cut back their budgets. "The National Audit Office should review th...